Foreign exchange flows through the economy dropped year-on-year by 36 percent to $17.4 billion. This report was based on crypto performance in July 2022 from $27.3 billion in the related period of last year.
According to the Data from the Central Bank of Nigeria (CBN), monthly Economic Review for the month demonstrated the aggregate foreign exchange inflow into the economy was $43.02 billion, compared with US$49.6 billion in the related period of 2021.
In a different development, the total foreign exchange outflow rose by 14 percent to $25.58 billion relative to $22.37 billion, resulting in, a net inflow of $17.4 billion was recorded during the period.
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The data also indicated the outpourings via CBN rose by 19.9 percent to $20.05 billion in the same July 2022 from $16.71 billion in the related period of 2021.
In another development, this record came as CBN foreign exchange sales to authorized dealers knock down Year on Year by 14 percent to $11.42 billion in the July of 2022 from $13.35 billion in the same period last year.
The analysis revealed that SME interventions and ripened swap contracts decreased Year on Year by 2.7 percent and 17.9 percent to $739 million and $1.92 billion from $759.68 million and $2.34 billion respectively in 2021.
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Nonetheless, sales at the investors & exporters window, interbank/invisibles and SMIS windows, gained by 27 per cent, 33 per cent and 17.8 percent to $2.68 billion, $953.92 million and $4.55 billion compared with $2.1 billion, $714.6 million and $3.86 billion respectively in 2021.
In the July 2022 Economic Report, CBN noted that forex sales to legitimate merchants cut down month-on-month by 15.4 percent to $1.75 billion in July from $2.07 billion in June 2022.
The report reads in part: “Total foreign exchange sales to authorised dealers by the Bank was $1.75 billion in July, a decrease of 15.4 per cent, relative to US$2.07 billion in June.
“A breakdown shows that foreign exchange sales at the interbank/invisible window and matured Swaps decreased by 22.0 per cent and 59.1 per cent, respectively, to $0.13 billion and $0.27 billion, below their respective levels in the preceding month.
“In contrast, FX sales at Investors and Exporters (I&E), Secondary Market Intervention Sales (SMIS) and Small and Medium Enterprises (SMEs) windows rose by 5.8 per cent, 0.6 per cent and 65.7 per cent, respectively, to $0.44 billion, $0.72 billion, and $0.19 billion, compared to their levels in June,” it said.
